India and Vietnam set $25 billion bilateral trade target by 2030

Key facts

• India and Vietnam agreed to elevate their bilateral relationship to an Enhanced Comprehensive Strategic Partnership.
• The two nations established a bilateral trade target of 25 billion USD to be achieved by 2030.
• Investment flows will be expanded across high-technology manufacturing, renewable energy, logistics, electric vehicles, and digital services.
• Market access was approved for Indian grapes and Vietnamese durians, with commitments to fast-track access for pomegranates and pomelos.
• The Reserve Bank of India (RBI) and the State Bank of Vietnam (SBV) entered an agreement to facilitate cross-border digital payments using QR-based systems.
• Vietnam will host a liaison officer at the Information Fusion Centre–Indian Ocean Region (IFC-IOR) located in Gurugram.
• India has implemented 66 quick impact projects across most provinces in Vietnam as part of its development partnership.